Forex Analysis & Reviews: Forecast for EUR/USD on May 5, 2021

EUR/USD
The euro fell by 50 points on Tuesday, breaching the 50.0% Fibonacci level. Today's task is to settle below this level (1.2025). The price still needs some time to reach the 1.1952 target level, perhaps two days, since the price is still above the MACD line and the Marlin oscillator is in the zone of positive values.

The price did not form a strong convergence with Marlin on the H4 chart. It is possible for it to settle below the 1.2025 level (the goal for today) before it falls even deeper.

Analysis are provided by InstaForex